SKW Stahl-Metallurgie Holding AG
- WKN: SKWM02
- ISIN: DE000SKWM021
- Land: Deutschland
Nachricht vom 28.02.2019 | 12:32
Dr. Kay Michel leaves SKW Group after successfully closed restructuring
- CEO steps down from office after five years by May 31, 2019
Munich, February 28, 2019 - Dr. Kay Michel will leave SKW Group by May 31, 2019 in order to take new professional tasks. CEO of SKW Stahl-Metallurgie Holding AG has communicated such to the Company's Supervisory Board. Dr. Michel was appointed CEO of the metallurgy specialist on April 1, 2014 and has been acting as sole member of the executive board since November 1, 2015.
During his duty SKW Group has been comprehensively restructured in operational and financial terms, such after a failed business expansion strategy. This succeeded in a very challenging international steel market environment. The restructuring program initiated by Dr. Michel in 2014 comprehended the divestment of unprofitable assets, removal of relevant balance sheet risks, focus of SKW on potential key markets, numerous process optimizations and cost reductions. Today SKW operates again profitably.
A special challenge was the financial restructuring of SKW Holding. Under the aegis of Dr. Michel in mid-2017 the Company was able to agree with the finance creditors on a comprehensive debt relief and recapitalization. Due to the obstruction of a group of shareholders such concept had to be implemented finally by means of an Insolvency Plan Procedure, such successfully closed by January 31, 2019. After a swap of an essential part of the finance debt into equity, now 100 % of SKW shares belong to US-Investor Speyside Equity.
"SKW is greatly obliged to Dr. Michel. His long lasting experience in managing special business situations was an essential factor that we were able to implement successfully the lengthy restructuring of SKW Group", comments Dr. Michael Seppelt, Chairman of the Supervisory Board. "The Supervisory Board would like to thank Dr. Michel for his guidance of SKW during challenging times and insolvency. We wish him only to best for his professional and private path of live. Dr. Michel's stewardship of SKW provides a basis on which to build a strong company. Together, we believe that the company will perform better and be focused on providing excellent service and solutions to customers.", adds Eric Wiklendt, Member of the Supervisory Board and Director of Speyside Equity.
Dr. Kay Michel: "I am very happy and thankful to be able to say that SKW today is again a profitable, financially healthy und promisingly positioned company. So my set target has been achieved and it is the right time to take new tasks. I convey my heartfelt thanks to all teams and all employees with whom I was able to implement this difficult restructuring in the last five years. I am very confident that positioning of SKW group in the market under the aegis of Speyside will continue to be sustainably reinforced."
About SKW Stahl-Metallurgie Holding AG and the SKW Metallurgie Group
This press release may include certain forward-looking statements which are based on currently available assumptions and predictions of the SKW Metallurgie Group's management as well as on other currently available information. Various identified as well as unidentified risks and uncertainties as well as other factors may result in a deviation of actual results, financial situation, development or achievement of the company compared to the assessments made herein. SKW Stahl-Metallurgie Holding AG does not intend and assumes no liability to update such forward-looking statements and to adjust them to future events and developments.
End of Media Release
Issuer: SKW Stahl-Metallurgie Holding AG
Key word(s): Industry
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